Today’s news in brief-27/11/24
The House of Lords Built Environment Committee has urged high streets to evolve beyond retail to reverse their decline. Its report highlights over 10,000 store closures in 2023, emphasizing that the traditional dominance of retail is outdated. Instead, demand is shifting towards leisure, dining, and public services such as health centers and libraries. Recommendations include better public transport, car access, town center managers, and policies prioritizing high streets for new public service locations. Safety concerns and the availability of public toilets were also flagged as essential to improving footfall.
A Competition and Markets Authority (CMA) review found 92% of supermarket loyalty schemes deliver genuine savings, debunking fears of inflated “usual” prices. While loyalty prices save consumers 17–25% on average, they are not always the cheapest, making price comparisons critical. Data privacy concerns were minimal, with only 7% avoiding loyalty schemes for this reason. The CMA recommended improved access to schemes for people without smartphones and younger consumers, calling for in-store or offline options.
JD Sports has finalised its €520m acquisition of Courir, a French sneaker retailer with 323 stores across Europe and 36 franchises in Africa, the Middle East, and overseas territories. The deal aligns with JD Sports’ strategy to expand its reach among female and fashion-conscious customers. Courir’s 2023 revenue reached €725.8m, with €50.3m in profit.
Frasers Group acquired Holdsport, a South African sporting goods retailer, marking its first venture into the Southern African market. Holdsport operates 88 stores, a manufacturing facility, and an expanding e-commerce platform, with 2024 sales exceeding R3bn (£130m). The acquisition strengthens Frasers’ presence in sports and outdoor goods, with plans to leverage Holdsport’s local expertise to expand Sports Direct.
Pets at Home reported a 14% rise in half-year profit-before-tax to £54.5m, driven by strong growth in its vet group, despite flat retail performance. Total revenue rose 1.9% to £789.1m, with veterinary services seeing an 18.6% revenue increase. Retail revenue growth was modest at 0.1%, impacted by the transition to a new digital platform.
DFS Furniture secured approval from the Science Based Targets initiative (SBTi) for its emissions reduction goals. The company aims to cut Scope 1 and 2 emissions by 55% by 2033 and achieve a 90% reduction across all scopes by 2050. Group CEO Tim Stacey highlighted DFS’s commitment to leading the furniture industry’s transition to net zero, supported by supplier partnerships. The company has pledged to integrate sustainability into its operations while encouraging collaboration across the sector to minimize environmental impact.
